Maturity Benefits For Different Term Life Insurance Plans

Choose a life insurance policy with the best maturity benefit will offer you and your loved ones financial stability at the end of the tenure of the plan. Choose from the top life insurance products in the market offered by the best life insurers.
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Life Insurance
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  • Choose between annual and monthly premium payment options

Term insurance plans are basically protection plans. They are particularly designed to protect your family against unforeseen circumstances. These are three types of term insurance plans available in India which include - increasing benefit, level benefit and decreasing benefit. A term insurance plans is a must for the bread winner of a family and for those whose health is not in a good condition.

Maturity Benefits

Maturity benefits refers to the amount received by a policyholder or nominee when a policy matures. A tem insurance policy needs to be active or in force to avail these maturity benefits. Term life insurance policies may include the followings as maturity benefits:

  • The basic sum assured.

  • Accrued guaranteed additions and vested simple reversionary bonuses (if any).

  • Terminal bonus (if applicable).

Term Insurance With Maturity Benefit India

The term life insurance plans with maturity benefits are slightly different form the traditional life insurance plans. Normally, a traditional term insurance policy does not offer any direct maturity benefits to the policyholder. They only provide death benefits when a policyholder dies within the policy term.

So, if any buyer/policyholder wants to have maturity benefit, he/she can opt for a TROP (Term Return of Premium) plan. A term return of premium plan provides income replacement and refund the premiums at maturity, apart from offering all benefits of a traditional term life insurance plan. A TROP plan is a variant of pure term insurance plan and ensures maturity benefits, if the policyholder survives till the end of policy tenure.

Key Features of Term Plans With Maturity Benefit

The term life insurance plans with maturity benefits or term return of premium plans come with a lot of attractive features. Listed below are the key features of term life insurance plans with maturity benefits:

Free-look period

15 days for manually purchased policy

30 days for policies purchased online.

Entry Age

Minimum entry age:18 years

Maximum entry age: 65 years

Grace period

15 to 30 days based upon policy modes. Usually, 15 days for monthly mode policies and 30 days for other modes.

Plan type

Term insurance plans offers flexibility in terms of choosing a plan. One can choose a plan on single life basis or joint life basis.

Premium paying term

Single pay, Limited pay and Regular pay.

Age at maturity

25 year/ 65 years/ 75 years to whole life. Differ from policy to policy.

Policy revival

The policy can revived within two years from the date of unpaid premium.

Premiums

Based on sum assured and age of the applicant.

Nomination

Term life insurance policies with maturity benefits accept nomination.

Premium paying frequency

Yearly/ monthly.

Sum Assured

Vary from policy to policy offered by various life insurance companies.

Policy coverage

Death benefits and maturity benefits.

Policy term

Minimum- 5 years

Maximum – 30-35 years

Benefits of Term Insurance With Maturity Benefit

The term life insurance plans with maturity benefits offer a number of attractive benefits which include:

  • Death Benefits: Term insurance plans offer death benefits to designated nominees. The nominees will receive these death benefits, if the life assured dies within the policy tenure.

  • Maturity Benefits: Normally, traditional life insurance policies don’t offer maturity benefits. But term return of premium life insurance policies offer maturity benefits by returning the total amount of premiums paid so far, provided a policy is continued till the end of term.

  • Tax Benefits: A policyholder can enjoy tax benefits over the premiums paid for term life insurance plans with maturity benefits. The premiums paid and the amount received are exempted from income tax assessment under section 80C and 10 (10D) of the Indian Income Tax Act, 1961.

  • Term life insurance plans with maturity benefits also offer additional riders such as Critical Illness and Accidental Death or Disability riders.

  • Term life insurance plans come at affordable premiums rates.

Top 5 Term Insurance Plans With Maturity Benefit India

Listed below are some of the term life insurance plans in India that come with maturity benefits.

  1. LIC Jeevan Pramukh: This is an Endowment Assurance term life insurance plan offered by Life Insurance Corporation of India. The plan provides financial protection against death throughout the policy term and provides maturity benefits, provided the policyholder holder survives till end of policy term. The policy would pay the sum assured accompanied by accrued guaranteed additions, vested simple reversionary bonuses and terminal Bonus( if any) in a lump-sum as maturity benefits.

  2. MetLife Suraksha TROP: It is a non-participating term life insurance plan offered by PNB MetLife. The plan not only provides life insurance coverage at nominal cost, it also offers the total of all premiums paid along with guaranteed additions.

  3. Max Life Premium Return Protection Plan: This is a term insurance plan with maturity benefits offered by Max Life Insurance Company. The plan not only protects your family against eventualities, it also returns all your premiums paid at maturity.

  4. Aviva iShieldPlan: This is an online non-linked non participating term life insurance plan offered by Aviva. The plan provides guaranteed survival benefits/ money back benefits at maturity which is 110% of total premiums paid.

  5. Tata AIA Life Insurance iRaksha TROP: This is an online term return of premium plan which a returns all total premiums paid, if the policyholder survives till the end of policy term.

How to Choose The Best Term Insurance Plans With Maturity Benefits

In order to choose the best the term life insurance plan with maturity benefits, you need to shop around and do a primary research. Then, compare the plans available in the insurance market and pick up a one based on your requirement.

MATURITY BENEFITS RELATED ARTICLES

Term Insurance Plans For Couples

Term insurance is one of the most preferred type of insurance that many people seek today. This is mostly because of the benefits it offers, which include pure risk protection at an affordable price. Couples who are looking to purchase an insurance policy have the option of either going in for a single life insurance policy or a joint life insurance policy.

In this article, we bring to you some important information about both these types of policies and also some important points of distinction between joint and single life insurance policies on various crucial parameters. You can also read about some term insurance policies which are available specially for couples as well . Read More...

Things You Should Know About Term Insurance Plan Premium Calculators

Those of us who have taken a loan must be familiar with a loan EMI calculator. But did you know, you can also find out the approximate premium you have to pay on your term insurance plan with the help of a term insurance premium calculator? Just like for loans, now you can take the help of an online premium calculator to find out how much an insurance plan is going to cost you.

The working of these calculators is simple and the user is required to provide some policy related information such as their name, age, date of birth, plan type, sum assured, policy term, premium payment term, riders, and other related data. If you too are looking to get a term insurance plan, you will find this article helpful as it talks about some of the important features and benefits which these premium calculators offer and how they work. Read More...

Top 10 Best Performing Term Insurance Plans In India

Planning for the future is something which many of us avoid doing till the very last moment. However, as we grow older, our responsibilities not only towards our own selves but also our family members change. If you are looking after dependent family members, it is a part of your responsibility to ensure that your dependent family members are financially secure if something were to happen to you. For this purpose, a term insurance plan is the best life insurance option available for you.

As you would know, term insurance is also considered to be the purest form of insurance which provides cover against the risk of death. This is a simple and easy to understand insurance plan which offers adequate financial protection to your loved ones if you were to pass away unpredictably.

Not only that, you can also opt for a number of riders which can enhance the coverage provided by your term plan. Here, we have compiled a list the top 10 best performing term insurance plans in India. You can read about each plan in brief to get an idea about what each plan has to offer in terms of benefits, so you can decide which one is best suited for your needs. Read More...

Term Insurance Vs. Endowment Policy

Life insurance has become a must-have in today’s times which can help provide much-needed protection to our dependents in case of an uncertainty. For those looking to purchase a life insurance policy, there is no dearth of choices. To address diverse needs, there are different types of life insurance policies that are available, such as, endowment policies, term insurance policies, unit linked insurance policies, and more.

For those who may be considering between an endowment policy and a term insurance policy, we bring a very helpful comparison between the two in this article. Read about the basic differences between these two policies on various parameters such as who they are ideal for, benefits associated with each policy, sum assured, etc., so you can decide which one is best for you. Read More...

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Term Insurance Plan with Maturity Benefits Reviews

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  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance with LIC and it was purchased before 3 to 4 years. The policy called JEEVAN ANAND with the tenure of 21years. I am paying 1547rupees annually through cheque to the LIC agent. I am happy with the benefits. It was taken for savings.
    Was this review helpful? 1
    , jalgaon
    Reviewed on Oct 11, 2019
  • ICICI Prudential
    ICICI Prudential Life Insurance
    "Better"
    0.5 3.0/5 "Satisfactory"
    My term insurance is with ICICI Prudential because of the good benefits. The tenure is 2years, if Incase any demise happened then nominee would be getting 2L from the insurer. I am paying monthly Rs.258 through ECS. The customer service is not up to the mark.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • Reliance Life Life Insurance
    "Good Service"
    0.5 4.5/5 "Excellent!"
    I have taken Life Insurance policy through Reliance agent directly .I have got all the policy details very clearly through the agent.This was a Maturity benefit policy and got the policy documents on time ,I have got my policy documents on time and the policy tenure is for 10 years ,I am paying the premium through Online only.
    Was this review helpful? 0
    , indore
    Reviewed on Oct 10, 2019
  • Bajaj Allianz Life Life Insurance
    "Very Good Policy"
    0.5 3.0/5 "Satisfactory"
    Benefits are good in Bajaj Allianz hence i have selected the life insurance policy from them. I have been paying the premium amount of Rs. 3500 per year. Sum assured amount is Rs. 3 lakhs and the policy term is 5 years. I make the premium through online.
    Was this review helpful? 0
    , thane
    Reviewed on Oct 09, 2019
  • LIC Life Insurance
    "Average benefits"
    0.5 3.0/5 "Satisfactory"
    I have taken life insurance policy from LIC through agent. The benefits are average when I compared with other insurance companies. It was taken for tax benefits only. The tenure period is 25years. The customer service is better. The payment mode is cash and it will be better if they give online option.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Oct 09, 2019
  • SBI Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have one life insurance policy with State Bank of India and it was provided by the bank at the time of taking personal loan. The benefits are good. This policy is valid for 10 years. Actually, its a savings scheme and am paying yearly once 30K via ECS.
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Oct 08, 2019
  • Aegon Life Life Insurance
    "Okay"
    0.5 3.0/5 "Satisfactory"
    I got a term insurance policy from Aegon and the premium is very cheaper. The nominee would be getting the benefits and have no idea about the benefits much. Its been 1.5years and the premium mode is online. I am doing monthly around 1200rupees.
    Was this review helpful? 0
    , kolkata
    Reviewed on Oct 08, 2019
  • LIC Life Insurance
    "Policy is best"
    0.5 4.0/5 "Great!"
    I have bought the life insurance policy by last year and the plan name is Jeevan Anand. I get the maturity benefit and life cover. Once the policy got matured, life cover will continue till the life ends. I have been paying the premium amount of Rs. 13000 in a year. I'm satisfied with the sum assured amount of Rs. 1.30 lakhs.
    Was this review helpful? 0
    , nalbari
    Reviewed on Oct 06, 2019
  • LIC Life Insurance
    "Good service"
    0.5 3.0/5 "Satisfactory"
    I have availed for Life Insurance policy directly through Online .This was a Maturity benefit plan and policy and the premium is paid through the agent ,The premium amount is Rs.2000 and i have got all the update about the policy through the agent . There was no issues faced so far .I have got my policy documents on stipulated time .
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Oct 04, 2019
  • SBI Life Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    Purchased the life insurance policy from SBI LIFE and the plan name is wealth plus. I have an account with SBI so i have selected the SBI LIFE. I have been paying the premium amount of Rs. 4000 per month. I get the sum assured amount of Rs. 4 lakhs and the policy term is 10 years. I get benefits of 10* times from my premium amount.
    Was this review helpful? 0
    , kolkata
    Reviewed on Oct 04, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 4.5/5 "Excellent!"
    I have taken life insurance policies for future savings. Its a money back policy, every 5years once am receiving the benefits from LIC. The total tenure is 25 years and got the insurance paper on time. The payment mode is online and the premium was around 8K per quarterly.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 30, 2019
  • ICICI Prudential Life Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    My husband is working in ICICI Prudential so have taken 2life insurance policy. They are giving better benefits than others. I am not sure about the tenure details and premium because it has been dealt by husband. The payment mode is online.
    Was this review helpful? 0
    , thiruvananthapuram
    Reviewed on Sep 29, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I took a life insurance policy with LIC because of trust and the benefits are good. Its a long term plan and the tenure period is 21 years. Only 2years left to complete the policy. I am doing yearly premium of around 2500rupees through online or cash or cheque.
    Was this review helpful? 0
    , kanpur
    Reviewed on Sep 29, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have purchased 4policies with LIC because they are reliable in the market and co-circle people are doing LIC policy. I don't use the customer service but they used to send me letter on time. Some policies premium are quarterly and some annually. Approx the payment comes around 40K. The benefits are good and taken long term. Its for IT purpose.
    Was this review helpful? 0
    , madurai
    Reviewed on Sep 29, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have a personal life insurance with LIC and it was taken last one year. I have chosen long term and it was taken from agent, he is my relative. The customer service is very excellent. There is good benefits and the premium was paid through cash.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Sep 28, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The reason for selecting Max life is I felt, the benefits are good and convenient for me. The customer service is better. I have taken a 5years policy and the premium was 50K per year. In the 10th year, I will be getting sum assured of 6L which is double the amount what I have paid.
    Was this review helpful? 0
    , kakinada
    Reviewed on Sep 27, 2019
  • LIC Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    In LIC, I was holding 2policies. I have not noticed the benefits because the agent is my neighbor. I have been paying the premium from 2003, its quarterly payment of 3K. The executive will come to my home and collect the cash so no issues for me.
    Was this review helpful? 0
    , chennai
    Reviewed on Sep 27, 2019
  • SBI Life Life Insurance
    "Not satisfactory"
    0.5 1.0/5 "Really Bad"
    SBI was doing an insurance before 10 years ago and I have been investing very huge amount and I don't know that they have tied up with the share market which was not disclosed by them so there was no much benefits. After coming to know this, I have withdrawn my amount and got the same amount what I have invested which is not a beneficial for the customer, only the agency has got more benefits from the bank.
    Was this review helpful? 0
    , tiruchirapalli
    Reviewed on Sep 24, 2019
  • LIC Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I am having JEEVAN JOTHI policy with LIC. It was taken in the year of 2012 and its almost 7 years and the total duration is 36years. The customer service is good and the benefits are satisfactory. Actually I have taken it for tax benefits and savings.
    Was this review helpful? 0
    , thane
    Reviewed on Sep 24, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken 2 to 3 policies with LIC, its very good. They are giving good response time to time. I have endowment policy, money back policy and don't remember the one more policy. I am paying premium of monthly 1000 rupees through ECS since it was started very long 20 years ago. The benefits are very good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 24, 2019
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